A credit score can mean a payment savings or expense of over $1300 per year and increase or decrease your buying power by $20,000!Your credit score is a numerical representation of your likelihood of defaulting on any credit obligation. Scores range from about 300-850–the higher the score, the lower the odds of default.

If your score is over 780 there is less than a 1-in-1400 chance of you defaulting, but if your score is below 620 , the odds of a default increase to 1-in-15–and the higher your score is, the lower your borrowing costs will be. [click to continue...]

Written by Jerra Ryan - Visit Website Sphere: Related Content

FHA has been threatening for a while to stop the use of seller financed down payment assistance programs. I lovingly thought of them as legal money laundering!

The seller would agree to pay 3% to a charity which would in turn give the 3% back to the buyer for their down payment. The seller would also pay a fee in order for the transaction to go through. Many times the seller would increase the price of the property in order to net out the same amount of money in the sale as if the buyer came in with their own 3%. This is one of the bones of contention by FHA as they felt that buyers didn’t realize that they were financing the down payment. They also, after studying the various FHA loans, feel that borrowers who used the seller financed assistance programs were more likely to go into default. Well it looks like, after much debate, that the days of such down payment assistance are numbered. [click to continue...]

Written by Frances & Rusty Wehner - Visit Website Sphere: Related Content

Taken AFTER the game against the Padres. Nobody was leaving the Ballpark!

Written by Kristal Kraft - Visit Website Sphere: Related Content